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Hungary gross wages down 1.4% yr/yr in March

Gross wages in Hungary fell 1.4% in the twelve months to March as wages rose 4.6% in the business sector but fell 15.9% in the public sector, where one-off payments of annual wage supplements in 2010 March increased the base, the Central Statistics Office (KSH) said on Wednesday.

The 1.4% twelve-month drop followed a 4.8% increase in February and a 1.6% rise, also distorted by a high base, in January.

Gross wages in January-March rose 1.5% yr/yr as gross wages rose 5.8% in the business sector and public sector wages fell 8.9% in the period.

Excluding bonuses and one-off payments, January-March gross regular wages were up 4.4% from a year earlier as regular wages rose 3.8% in the business sector and they rose 5.3% in the public sector.

Net wages in the first three months of 2011 rose 3.5% yr/yr, excluding the effect of the new family tax allowance and including the effect of changes in the personal income tax rules.